Gaming Realms Continue Expansion into US Market
Gaming Realms PLC is behind the leading online casino Slingo games which were created for gaming partners around the globe. The company is known for its wide range of online slots and casino games in the Slingo category. They develop and license casino games for mobile devices. The company has partnered with big names in the gaming industry including Interactive Gaming Technologies, DraftKings, and Flutter Entertainment. (Proactive Investors, 2021)
In 2020, Gaming Realms made its decision to expand its casino operators in the United States and planned to do so in the first half of 2021. They were already licensed and operating their real-money games in New Jersey casinos and moved on to launch their games in two more states in the US. Gaming Realms moved to expand its operations at Pennsylvania casinos and Michigan casinos, with the intent of launching its operations in the first six months of 2021.
Target Growth and Expansion
Currently, Gaming Realms has acquired licenses in three leading States, New Jersey, Michigan, and Pennsylvania for its iGaming content. After its success in the Pennsylvania online casino market in May 2021 when it received its interactive gaming manufacturing license, Gaming Realms launched its Slingo game in partnership with BetMGM. The company is now looking to expand its iGaming platform not only across America.
Apart from the Slingo games, the company also had its Rush Street Interactive offered by leading gaming operators and is soon set to launch its Slingo Originals content. According to a statement by the group’s Executive Chairman, Michael Buckley, BetMGM and Rush Street Interactive are two major players in the industry. They are already distributing the Slingo games in Michigan and New Jersey. The Executive Chairman said the company was looking to strengthen and establish more agreements with leading gaming operators in the US. (Wedge News, 2020)
Gaming Realms will be expanding its reach in the US markets in the second half of 2021 after it realized a 50% increase in revenue which tripled its earnings. According to Michael Buckley, “The group has delivered an excellent first half both in terms of significant earnings growth and new licensing and distribution agreements”.
In its trading revenues for the current year, there will likely be a 55% increase compared to last year’s revenue which was at $14m. Gaming Realms began trading its ordinary shares on OTCQX Best Market around April 2021. The total revenue generated by Gaming Realms as of June 30, 2021, saw a 50% increase from £5.2 million to £7.7 million. Also, licensing revenue recorded a 73% increase which brought it up to £5.8 million as opposed to its £3.4 million in 2020.
Gaming Realms will expect to see more increase in revenue with its new Slingo content which already generated a social revenue of up to 7% at £1.9 million as opposed to its £1.8 million in 2020. The company included new player engagement features and improved game management. Gaming Realms Executive, Michael Buckley has said that the company will be looking at expanding its market in the US, seeing the huge returns especially as it projects to succeed in the US gaming market. The outcome so far has been surprisingly successful and there is a prospect for having a bigger market in any of the US States.
The company will be adding momentum in the second half of the financial year in the already three licensed states and will be partnering with additional operators to meet up with the strong market demand. (Casino Beats, 2021)
References:
Proactive Investors, 2021
Wedge News, 2020
